Three Surprising Reasons That You Should Consider a Renters Insurance Policy

renters insuranceThese days, there’s an insurance policy for just about everything. Drivers carry car insurance, as is mandated by law. The vast majority of the nation’s 2.2 million farms, 97% of which are owned by families, carry farmers insurance. Homeowners purchase homeowners insurance. And although everyone should have a life insurance policy, those who have families and assets are more likely to get this type of coverage.

However, if you rent your apartment, townhouse, or single-family home, you may be missing out on some crucial coverage: namely, a renters insurance policy. This type of insurance covers you and your belongings in case of an emergency, and it’s an affordable way to see peace of mind. Here are three reasons why a renters policy is a necessity for anyone who lives in a leased property:

Renters insurance protects you from the hazards in life
Living in any type of property can open you up to all sorts of hazards: natural disasters, fires, break-ins, and more. These insurance policies help you get back on track by replacing items that may be lost, stolen, or damaged during one of these emergencies. A renters policy will even provide you with protection if an incident occurred in a neighboring unit rather than your own. For example, if a fire breaks out in an adjacent apartment, your belongings can be replaced if they’ve suffered from smoke damage or were destroyed after a sprinkler system went off. This type of coverage can also help you out if a guest has an accident in your apartment, so you won’t be at risk for a lawsuit and get stuck paying medical bills.

This is one insurance policy that won’t break the bank
Renters insurance premiums aren’t calculated like the ones for auto insurance. Car insurance rates are determined by a variety of factors, including your driving record or the age of drivers in a household; those who are under 25 and over 70 tend to receive increased rates. Yet a renters policy simply asks a few questions about the type of dwelling you live in, and will offer you coverage to protect your belongings. Most renters are able to pay their policies in full once per year, and paying for coverage each month can be as low as the cost of a couple of lattes from your favorite coffee shop.

Insurance coverage for renters does more than protect an apartment
Not only does your apartment, townhouse, or other dwelling itself need protection — your belongings do, too. Most renters policies will also cover your belongings if they are stolen from a vehicle or while you are out in public. That’s good news if someone swipes your laptop on the bus or breaks into your car. Most, if not all, landlords will tell you to purchase a renters policy with an insurance company, and this reason alone can be worth the price of the premium.

If you have questions about how insurance for renters can help you, make sure to speak to an agent.